The debate between the Central Bank and the Presidential Council took a new direction after the speech of the Governor of the Central Bank of Libya, Al-Sadiq Al-Kabir to the Head of the Supreme Judicial Council regarding the legality granted by the decision to declare a state of emergency to the executive authorities represented in the Presidential Council.
This came after the Council addressed the Central Bank regarding the reopening of the system of individuals’ allocations in foreign currency, provided that an amount of $5,000 be sold per person, based on the decision of the state of emergency authorized by the Head of the Presidential Council in light of the state’s efforts to confront the Coronavirus crisis.
Al-Kabir’s statement pointed out that the state of emergency decision needs to be issued from a higher side than an executive authority, stressing that the letter of the Head of the Presidential Council on imposing the State of Emergency did not appear in his briefing, as a reference to the meeting of members of the Presidential Council.
The CBL Governor referred to the state of emergency law issued in 1955, which stipulates that emergency measures should be taken for a specific reason, and that the motive for declaring the state of emergency came as a foundation due to the Coronavirus epidemic, stressing that the bank has taken all decisions to assist the state in facing the epidemic, according to its jurisdiction.
The Central Bank stressed that the establishment of the state of emergency came only to confront the Coronavirus, explaining that the Head of the Presidential Council had touched on other issues that have no use in supporting the state to confront the Coronavirus, including the demand for the distribution of salaries without adopting financial arrangements, and its request regarding the opening of the foreign exchange system in conjunction with the export of oil being stopped and its prices collapsing globally.
While Al-Kabir did not indicate in his response to the Presidential Council whether the central bank had any plans to calm the increase of the dollar rates in the black market instead of opening the system, the dinar continues to collapse against foreign currencies, so that the suffering of citizens increases without any solutions in the horizon.
